Iron ore industry analysis says that producers mainly export the products internationally, they prefer integrated road, seaway, rail logistic system for exports. Primary challenge faced is availability of efficient logistics service across the globe. In trade, seaborne is the most preferred iron ore export and import as the benefits it offer include lower economy and cost of scale. It has been registered that with the demand for steel and growing steel manufacturing industry from end-user sectors, the seaborne trade in China accounted for more than half of the share of the global market during the year 2017. It identifies that rising seaborne iron ore trade will drive the iron ore market during the forecast period.
The global Iron Ore market is anticipated to increase at a 2.8% CAGR to reach value US$ 423570 million in 2028
Globally, iron is considered an important commodity. The amount of extraction and usage has direct relation with respective country’s GDP. The driving factors include higher industrialization and increasing infrastructure development. Iron ore is extensively used for maritime purpose, automobiles and general industrial application and structural engineering application. Hence, the global iron ore mining market is expected to grow in the near future. Iron ore mining business is known as capital intensive as adequate capital is invested for heavy machinery and equipment essential for mining activities. Different nation’s governments are launching and introducing new policies and perks to pool private investors in the mining business. Advanced technology, liberalization in mining policies and higher mineral prices offer opportunities to the mining sector.
“Higher grade ore premiums are moderating due in part to falling steel prices,” stated Justin Smirk, Senior Economist at Westpac Bank. “With metallurgical coal prices rising, steel mill margins are been squeezed, increasing the attractiveness of cheaper grades of ore.”
“Recycled steel scrap was the basis for 19.5% of Chinese crude steel output in the first half of 2018, a significant five percentage point jump in the year,” Smirk says, citing data from the China Association of Metal Scrap Utilisation.
The global iron ore market is segmented on the basis of types of mines that includes underground mining, surface mining and other which has mixture of surface and underground mines. Another term for surface mining is Open-Pit and Open-Cast mining. This process is comparatively cheaper in extracting iron ore from the ground. Underground mining has two access routes that are made ubder earth surface, one for the ore and other for labor and material.
China is the largest iron-ore producing country, accounting fore more than 45% of iron ore market share of the world’s iron ore production. It is followed by Australia and Brazil. Overall, Asia is envisioned to dominate the iron ore mining market during the forecast period. Rapid development and industrialization are two major factors contributing to the accelerated production of iron ore in this particular region.
One of the biggest name in Iran’s Mineral Production and Supply, announced that it has signed a MOU with industry group Iran Mine House and a private company, to develop six small-scale copper and gold mines.
Key company profile in the Global Iron Ore Market report are Fortescue Metals, Anmining, ArcelorMittal, Anglo American, HBIS Group, Beijing Huaxia Jianlong Mining, Evrazholding Group, Metalloinvest, LKAB Group, Cleveland-Cliff, BHP Billiton Limited, Northern Iron, Pluton Resources Limited (PLV), Mount Gibson Iron Limited, Beadell Resources Ltd., IMX Resources Limited, Rio Tinto Group, Shree Minerals Ltd., Western Desert Resources Limited, Vale and ArcelorMittal.
Iron Ore Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2028||US$ 423570 million|
|Growth Rate||CAGR of 2.8% during 2021-2028|
|Segment Covered||by Type, by applications, Regions|
|Regions Covered||North America, Europe, Asia Pacific, South America, Middle East and Africa|
|Key Players Profiled||Fortescue Metals, Anmining, ArcelorMittal, Anglo American, HBIS Group, Beijing Huaxia Jianlong Mining, Evrazholding Group, Metalloinvest, LKAB Group, Cleveland-Cliff, BHP Billiton Limited, Northern Iron, Pluton Resources Limited (PLV), Mount Gibson Iron Limited, Beadell Resources Ltd., IMX Resources Limited, Rio Tinto Group, Shree Minerals Ltd., Western Desert Resources Limited, Vale and ArcelorMittal.|
Key segments of the Iron Ore Market
by Type, (USD Million)
• Iron Ore Mining Fines
• Iron Ore Mining Pellets
by applications, (USD Million)
• Construction Industry
Region Overview, (USD Million)
• North America
o United States of America
o the Netherlands
o The United Kingdom
o Rest of Europe
o South Korea
o Rest of Asia-Pacific
• South America
o Rest of South America